Energy Names Lead S&P Higher

By Teresa Rivas

Markets surged ahead on Monday, reversing Friday’s decline, with the energy sector the top performer in the S&P 500.

Chevron (CVX) was recently ahead 1.1%; the energy giant, along with its joint partner in Angola, finally shipped its first liquefied natural gas cargo after more than a year of delays. Exxon Mobil (XOM) was also up 1%, as its subsidiary XTO Energy announced the startup of a facility in Pennsylvania to recover marketable liquids from the region’s natural gas.

Pioneer Natural Resources (PXD) gained nearly 5% on a bullish note from Bank of America, which increased its target price for the stock from $165 to $200.

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